Article 21: Consumer Due Diligence (CDD)

Effective from Jan 30 2025 - Jan 16 2024
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1.	The BNPL company shall develop a CDD program and comply with the AML/CTF regulations and instructions. The CDD program must include policies and procedures for the following, as a minimum:
		a.	Know Your Customer (KYC).
		b.	Information security.
		c.	Data privacy and confidentiality.
2.	The company shall comply with the Electronic Transactions Law and its Implementing Regulations and establish the necessary procedures and measures to ensure that the information provided is correct and up-to-date, including, at a minimum:
		a.	verification of consumers’ phone numbers through authentication tokens.
		b.	Verification of consumers’ national addresses are correct.